Certified carbon neutrally produced oil
Oil will be needed for decades to come, both as an affordable energy source and as a feedstock for everyday consumer products. But emissions from the production of oil needs to be halved over the next two decades in order to meet the goals of the Paris Agreement.
At Lundin Energy, we deliver certified carbon neutrally produced barrels of crude oil which reduce emissions in production by more than 50 percent compared to a world average barrel. This starts the decarbonisation journey of every barrel as it moves down the value chain. The oil is independently certified as carbon neutral by Intertek under its CarbonZeroTM standard. The independent certification ensures transparency and traceability, as each carbon neutral barrel is tracked by blockchain technology.
Benefits of carbon neutrally produced oil
Our certified carbon neutral barrels help our customers achieve emission reduction targets, cut carbon costs and reduce the lifecycle footprint of petroleum products, enabling a lower-carbon, more transparent and sustainable future in line with global climate targets.
Transparent pathway to carbon neutrality
In order to supply certified carbon neutrally produced oil, we reduce the carbon intensity in our production to industry leading low levels in line with our Decarbonisation Strategy, and neutralise residual emissions through high quality, natural carbon capture projects, certified by the Verified Carbon Standard1. As a result, no net emissions are released during the production of our carbon neutral barrels. We continue to make good progress on our decarbonisation plans, with around 60% of our production today carbon neutrally produced.
Intertek has independently certified the barrels as carbon neutral under its CarbonZero™ standard. CarbonZero is the world’s first assured standard that certifies the full life carbon footprint of a field, including emissions from exploration, development and production as carbon neutral.
1 Carbon credits sourced from reforestation and afforestation projects in Ghana (project ID: VCS 987, ~5 kt CO2e, vintage 2018–2019) and Mexico (project ID: VCS 1141, ~24 kt CO2e, vintage: 2014–2019)